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The V-shaped value evolution of R&D-projects

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Author Info
Onno Lint ()
Enrico Pennings (Vlerick Leuven Gent Management School)

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Abstract

On average the expected value at the moment of commercialization of an R&D project should remain constant during the different stages of new product development. Contrary to this intuition however, we find a systematic, non-constant pattern in the average expected value of an R&D project. First, the value declines after the initial screening, then rises after the first market analysis, but on average does not reach the initial level at the final stage of development when resources for market introduction are approved. Moreover, uncertainty about the project value declines over time. The findings suggest a V-shaped value function of R&D projects. Our study seems to be a first attempt to make direct measurements of valuing R&D projects through time in a real managerial setting.

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Paper provided by Vlerick Leuven Gent Management School in its series Vlerick Leuven Gent Management School Working Paper Series with number 2002-5.

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Length: 18 pages
Date of creation: 18 Apr 2002
Date of revision:
Handle: RePEc:vlg:vlgwps:2002-5

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  1. Edwin Mansfield & Richard Brandenburg, 1966. "The Allocation, Characteristics, and Outcome of the Firm's Research and Development Portfolio: A Case Study," Journal of Business, University of Chicago Press, vol. 39, pages 447. [Downloadable!]
  2. Mansfield, Edwin & Wagner, Samuel, 1975. "Organizational and Strategic Factors Associated with Probabilities of Success in Industrial R & D," Journal of Business, University of Chicago Press, vol. 48(2), pages 179-98, April. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Verspagen, B., 2000. "Growth and structural change: trends, patterns and policy options," ECIS Working Papers 00.08, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
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  2. Marsili, O., 2000. "Technological regimes and sources of entrepreneurship," ECIS Working Papers 00.10, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
  3. Aken, van J.E., 2001. "Management research based on the paradigm of the design sciences: the quest for tested and grounded technological rules," ECIS Working Papers 01.11, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
  4. Lint, O. & Pennings, E., 2000. "The recently chosen digital video standard: playing the game within the game," ECIS Working Papers 00.02, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
  5. Verspagen, B. & Schoenmakers, W., 2000. "The spatial dimension of knowledge spillovers in Europe: evidence from firm patenting data," ECIS Working Papers 00.07, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
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  6. Mukherjee, A. & Pennings, E., 2000. "Imitation, patent protection and welfare," ECIS Working Papers 00.03, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
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  7. Aken, van J., 2001. "Improving the relevance of management research By developing tested and grounded technologiCAL RULES," ECIS Working Papers 01.19, Eindhoven Centre for Innovation Studies, Eindhoven University of Technology. [Downloadable!]
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